Christopher T. Uchida, Chief Financial Officer of Palomar Holdings, Inc. (NASDAQ:PLMR), has recently sold 1,030 shares of the company's common stock. The shares were sold at a price of $110.85 each, totaling $114,175. The transaction comes as Palomar's stock has delivered an impressive 100% return year-to-date, with the company maintaining a market capitalization of $2.79 billion. According to InvestingPro analysis, the company currently trades near its Fair Value. Following this transaction, Uchida holds 15,994 shares directly. This transaction was reported in a recent SEC filing dated December 18, 2024. The filing also notes that Uchida's holdings include shares acquired through the company's 2019 Employee Stock Purchase Plan. InvestingPro data reveals that Palomar maintains a "GREAT" overall financial health score, with the stock trading at a P/E ratio of 24.6. InvestingPro subscribers have access to 8 additional key insights about PLMR, along with comprehensive financial metrics and a detailed Pro Research Report.
In other recent news, Palomar Holdings has been subject to several key developments. Financial firms Piper Sandler and Keefe, Bruyette & Woods have increased their price targets for the company to $119 and $136 respectively, reflecting confidence in Palomar's future growth prospects. These revisions were based on earnings estimates and comparative analysis with peer companies.
Additionally, Palomar has seen a robust growth in its third-quarter performance in 2024. The company's adjusted net income and total premium growth increased by 39% and 32% respectively, driven by substantial gains in the Earthquake, Casualty, and Crop insurance segments. Palomar also successfully raised $160 million in equity, intending to capitalize on market dislocations and expand its crop business.
In a strategic move to strengthen its position in the specialty insurance sector, Palomar announced the appointment of Benson Latham as Executive Vice President, Head of Crop. With three decades of experience in the Crop insurance industry, Latham is expected to lead Palomar’s Crop insurance operations effectively. These recent developments highlight Palomar's commitment to growth and strategic initiatives.
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